international国际经济学课后习题及答案.docx
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international国际经济学课后习题及答案.docx
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international国际经济学课后习题及答案
international(国际经济学)课后习题及答案
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ReviewQuestionsandCondensedAnswersfor
InternationalTradeTheories
Chapter1WorldTradeandtheNationalEconomy
ReviewQuestions:
:
:
:
1(Whatfeaturesdistinguishinternationalfromdomestictransactions?
2(Whatcanyousayaboutthegrowthofworldtradeinbothnominalandrealterms?
Wasit
fasterthanthegrowthofoutput?
3(Evaluatethestatement,”theUnitedStatesisaclosedeconomy,henceforeigntradeisof
noconsequencetoit.”
4(Distinguishbetweenexportindustries,import-competingindustriesandnontradedgoods.
Giveexamplesofeach.
5(Usingthefigureintable1-3,whatcanyousayaboutthetradestructureoftheUSAand
Japan.
CondensedAnswerstoReviewQuestions:
:
:
:
1.Thetextdiscusseswaysthatinternationaltransactionsdifferfromdomesticones.
i.Internationaltraderequiresthattransactionsbeconductedbetweentwo
currenciesmediatedbyanexchangerate.Domestictransactionsareconducted
inasinglecurrency.
ii.Commercialpoliciesthatoperatetorestrictinternationaltransactionscannot,in
general,beimposedondomestictrade.Suchpoliciesincludetariffs,quotas,
voluntaryexportrestraints,exportsubsidies,andexchangecontrols.
iii.Countriespursuedifferentdomesticmacroeconomicpolicieswhichresultin
divergentratesofeconomicgrowth,inflation,andunemployment.
iv.Morestatisticaldataexistonthenature,volume,andvalueofinternational
transactionsthanexistindomestictrade.
v.Factorsofproductionaremoremobiledomesticallythaninternationally.
vi.Countriesexhibitdifferentdemandpatterns,salestechniques,andmarketing
requirements.Manyoftheseareduetocultureandcustom.Someresultfrom
differencesingovernmentregulations.Includedherearehealth,safety,
environmental,andtechnicalrules.
2.Therealvolumeofworldexportsgrewatanannualrateofmorethan6percentbetween
1950and2000.Globaloutputgrewatanannualrateof4percent.Exportgrowthin
excessofoutputgrowthreflectstheincreasedopennesstotradeofmanycountries.
3.TheUnitedStatesisarelativelyclosedeconomysincetheshareoftradeinGDPis
smallerthanthatofmostotherindustrialnations.In2000,U.S.exportsofgoodsand
serviceswere11percentofGDP.TheU.S.economyislessdependentontheforeign
sectorthanothermajoreconomies,buttosaythatforeigntradeisofnoconsequenceisan
exaggeration.TheU.S.economyhasbecomeincreasinglyopenand,therefore,more
impactedbytradedevelopmentsovertime.Thistrendislikelytocontinue.Curtailing
importswould,forexample,haveabigeffectonconsumers'abilitytobuysomegoods
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(e.g.tropicalproducts)andwouldraisethepricesofothers.Theabsenceofcertainkey
commoditiesandmaterialinputswouldgreatlydisruptareasofU.S.industry.
4.a.Exportindustriessendasubstantialshareoftheiroutputabroad.Ratiosof
exportstoGDParemuchhigherthantheaverageratioforallindustries.Net
exportingindustriesarethoseforwhichexportsexceedimports.U.S.net
exportingindustriesincludefarmproducts,chemicals,certaintypesofmachinery,
andaerospaceproducts.
b.Import-competingindustriesaredomesticindustriesthatsharethedomestic
marketwithasubstantialimportpresence.Theseactivitieshaveratiosof
importstoGDPthataremuchhigherthantheaverageratioforallindustries.
U.S.import-competingindustriesincludefuels,automobiles,clothing,footwear,
andironandsteel.
c.Nontradedgoodsarethosewhich,becauseoftheirnatureandcharacteristics,are
noteasilyexportedorimported.Examplesarehair-dressing,movietheaters,
meals,constructionactivity,andhealth-care.
5.Table1.3containsfiguresonthetradestructureoftheU.S.andJapan.TheU.S.isanet
exporteroffood,certainores,chemicals,andothermachineryandtransportequipment,
andisanetimporterofrawmaterials,miningproducts,fuels,nonferrousmetals,ironand
steel,semimanufactures,officeandtelecommunicationsequipment,automotiveproducts,
textilesandclothing,andotherconsumergoods.Japanisanetexporterofironandsteel,
chemicals,semimanufactures,officeandtelecommunicationsequipment,automotive
products,othermachineryandtransportequipment,andotherconsumergoods.Imports
exceedexportsinfood,rawmaterials,andtextilesandclothing.
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Chapter2WhyNationsTrade
ReviewQuestions:
:
:
:
1(a.Inwhatsensearethecostdataoffootnote4relatedtothefiguresofscheme1?
b.Basedonthefiguresoffootnote4,determinethe:
Directionoftradeonceitdevelops.
Limitstomutuallybeneficialtrade.
Limitstoasustainableexchangetrade.
2.Evaluatethefollowingstatements:
a.Ininternationaltrade,domesticcostratiosdeterminethelimitsofmutuallybeneficialtrade,
whereasdemandconsiderationsshowwhere,withintheselimits,theactualexchangeratiowilllie.
b.Comparativeadvantageisatheoreticalconcept.Itcannotbeusedtoexplainanyreal-world
phenomena.
c.Theopeningupoftraderaisesthepriceofexportgoods;hencetradeisinflationary.
d.TheconceptofabsoluteadvantageoffersexplainationsforEastGermany’shighunemployment
ratesinthe1990s.
3.a.Usethetheoryofcomparativeadvantagetoexplainwhyitpaysfor:
TheUSAtoexportgrainsandimportoil.
Russiatoexportoilandimportgrains.
b.Whydoesthepopularpressbelievethatgrainexportsareinflnationary?
Whatiswrong
withthisporposition?
CondensedAnswerstoReviewQuestions:
1.a.Scheme1isbasedonlaborproductivitycomparisons,whileFootnote4
presents
perunitcostdata.Productioncostratiosareinverselyrelatedtoproductivity
measures.
b.i.TextileswillbeexportedfromtheU.K.andwheatfromtheU.S.
ii.TheU.S.willtradeonlyifoneyardoftextilescostslessthan3bushelsof
wheat.TheU.K.willtradeonlyif1yardoftextilescanbeexchanged
formorethan2bushelsofwheat.
iii.Thevalueofthe?
mustbebetween$1and$1.50
2.a.ConsiderFigure2.2.Thedomesticcostratiosdefinelimitsofmutuallybeneficial
trade.Withintheregionofmutuallybeneficialtradetheactualexchangeratewill
bedeterminedbytherelativeintensityofeachcountry'sdemandfortheother
country'sproduct.Afullanalysisrequiresanunderstandingofreciprocaldemand
curves,butthefollowinggeneralprinciplemighthelpheuristically.IftheBritish
aremoreeagertobuyU.S.wheatthantheAmericansareeagerforBritishtextiles,
theexchangeratiofallsclosetotheU.K.domesticcostratioandtheU.S.canbe
viewedascapturingagreatershareofthegainsfromtrade.
b.Sincetherealworlddoesnotconformtotheconvenient
two-country,two-good
assumptions,thesimpletheoreticalmodelisnotimmediatelyapplicable.
However,wecangeneralizethemodeltomanygoodsandmanynations.The
fundamentaltruthremains.Countriesexportthosegoodsinwhichtheirrelative
productioncostsarelowerandimportthosegoodsforwhichtherelativecostsare
higher.
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c.Whiletradetendstoraisethepricesofexportablesinthedomesticeconomy,the
effectoftradeistolowertheaveragepricelevelofallgoods.Tradegives
consumersanopportunitytoconsumeatlowerworldprices.Manygoodswillbe
cheaperwhenpurchasedfromforeignsupplysources.Tradealsoconveys
procompetitiveeffects,stimulatestheadoptionofnewtechnologies,andallows
firmstoachieveefficientscaleproductionlevels.Thus,tradeisanti-inflationary.
d.ThereunificationoftheGermanyeconomyin1990wasundertakenonthebasis
thataunitofthedeutschmark,theWestGermancurrency,shouldbeequalinvalue
toaunitoftheostmark,theEastGermancurrency.Atthisexchangerate,goods
producedinEastGermanywerealmostuniversallymoreexpensivetoproduce
thantheircounterpartsintheWest.LaborproductivityinEastGerman
manufacturingwasfoundtobeabout35%oftheWestGermanlevel.Under
theseconditionstheEastGermanmanufacturingsectorcollapsed.Investorswere
reluctanttopurchaseEastGermanfactoriesandlargescaleclosuresanddismissals
resulted.
3.a.TheU.S.enjoysacomparativeadvantageingrains.Italsoproducesoil,butwillgainby
specializingingrainproductionandusingproceedsofexportedagricultural
productstopurchaseoilfromnationsthatproduceoilrelativelymoreefficiently.
Russiaisrelativelymoreefficientintheproductionofoilandwillgainby
purchasinggrainfromtheU.S.inexchangeforoil.
b.ThepopularpressassertsthatbyexportinggrainfromtheU.S.(saytotheformerUR)
weareloweringthedomesticsupplyofgrainandraisingthedomesticU.S.priceofgrain.Since
grainisanimportantingredientinmanyfoodproducts,grainexportsarebelievedtoincreasethe
priceofthoseproducts.However,thepriceofgrainisdeterminedinworldmarkets.U.S.
exportsalonecannotpermanentlyraisethedomesticU.S.price.IfthedomesticU.S.grain
price
roseabovetheworldprice,theU.S.wouldbeanetimporterofgrainsandthedomesticpricewould
fall.
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Chapter3TheCommodityCompositionofTrade
ReviewQuestions:
:
:
:
1(Doesthefactorproportionstheoryprovideagoodexplanationofintraindustrytrade?
If
not,canyououtlineanalternati
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